Both Gold And Silver Made New Highs Before Seeing Profit-Taking

GOLD

Gold reached another all-time high during overseas trading in India of $5,596 this morning. The U.S. Dollar remains under pressure in the 96 area, as Central Bank selling remains strong. President Trump, when asked about the U.S. Dollar drop, said, “I think it's great”. Our President believes a weaker dollar will help sell American goods overseas, and he is right. However, the international monetary problems aren’t mentioned. As the market started trading in the U.S., I saw long-overdue profit-taking, bringing the Gold price down over $400 from today’s high before seeing bargain buying. Wow, today’s trading ranged from a low of $5,106 to a high of $5,596! Gold is definitely testing support.

Gold’s key support level is $5,000 per ounce, but I doubt Gold will reach that level right now.

At 11am PT today, Gold is at $5339.82.

SILVER

Silver led gold lower in U.S. trading, dropping over $14 from this morning’s high of $121.70 per ounce, reaching a low of $106.80, before finding bargain buying. Silver’s key support level is $100 per ounce, and hopefully, it will build a base above that level, but briefly breaking that level below is highly possible.

At 11am PT today, Silver is at $114.64.